I 

115TH CONGRESS 

1ST SESSION H. R. 594 

To establish the Securities and Derivatives Commission in order to combine 

the functions of the Commodity Futures Trading Commission and the 

Securities and Exchange Commission in a single independent regulatory 

commission. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 20, 2017 

Mr. CAPUANO (for himself and Mr. LYNCH) introduced the following bill; 

which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions 

as fall within the jurisdiction of the committee concerned 

A BILL 

To establish the Securities and Derivatives Commission in 

order to combine the functions of the Commodity Futures Trading Commission and the Securities and Exchange Commission in a single independent regulatory 

commission. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Markets and Trading Reorganization Act’’. 


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1 (b) TABLE OF CONTENTS.—The table of contents of 

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Purposes. 

Sec. 3. Definition. 

TITLE I—ESTABLISHMENT OF COMMISSION 

Sec. 101. Establishment. 

Sec. 102. Members; appointment; terms. 

Sec. 103. Organization of Commission. 

TITLE II—TRANSFERS OF FUNCTIONS 

Sec. 201. Commodity Futures Trading Commission functions. 

Sec. 202. Securities and Exchange Commission functions. 

TITLE III—ADMINISTRATIVE PROVISIONS 

Sec. 301. Personnel provisions. 

Sec. 302. General administrative provisions. 

TITLE IV—FEE AND FUNDING AUTHORITY 

Sec. 401. Funding authority of the Commission. 

TITLE V—TRANSITIONAL, SAVINGS, AND CONFORMING 

PROVISIONS 

Sec. 501. Savings provisions. 

Sec. 502. Reference. 

Sec. 503. Amendments. 

TITLE VI—EFFECTIVE DATE 

Sec. 601. Effective date. 

3 SEC. 2. PURPOSES. 

4 The purposes of this Act are— 

5 (1) to establish a single Federal regulatory body 

6 with jurisdiction over securities, derivatives, options, 

7 futures, and related markets and instruments; 

8 (2) to coordinate the regulation of relevant fi9 nancial markets; 

10 (3) to strengthen investor confidence in United 

11 States financial markets; and 


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1 (4) to ensure the efficiency and competitiveness 

2 of those markets. 

3 SEC. 3. DEFINITION. 

4 As used in this Act, the term ‘‘Commission’’, other 

5 than where expressly referring to the Securities and Ex6 change Commission or the Commodity Futures Trading 

7 Commission, means the Securities and Derivatives Com8 mission established by section 101 of this Act. 

9 TITLE I—ESTABLISHMENT OF 

10 COMMISSION 

11 SEC. 101. ESTABLISHMENT. 

12 There is established an independent regulatory com13 mission to be known as the Securities and Derivatives 

14 Commission. 

15 SEC. 102. MEMBERS; APPOINTMENT; TERMS. 

16 (a) COMPOSITION OF COMMISSION.—The Commis17 sion shall be composed of 5 commissioners appointed by 

18 the President, by and with the advice and consent of the 

19 Senate. One of the commissioners shall be designated by 

20 the President as chairperson. Not more than three of such 

21 commissioners shall be members of the same political 

22 party. Each commissioner shall be selected solely on the 

23 basis of integrity and demonstrated knowledge of the oper24 ations of the markets subject to the jurisdiction of the 

25 Commission. 


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1 (b) QUALIFICATIONS.—In appointing commissioners 

2 under subsection (a), the President shall— 

3 (1) select persons who each have demonstrated 

4 knowledge of securities, futures, swaps, or other de5 rivatives, the regulation of such instruments, or the 

6 markets for agricultural or other types of commod7 ities underlying transactions subject to the oversight 

8 of the Commission under this Act; and 

9 (2) seek to ensure that the demonstrated knowl10 edge of the commissioners is balanced with respect 

11 to such areas, with at least one commissioner having 

12 knowledge of the agricultural commodities market. 

13 (c) TERMS.—Each commissioner shall be appointed 

14 for a term of 5 years, except that a commissioner may 

15 continue to serve after the expiration of such term until 

16 a successor is appointed and has qualified. 

17 (1) The terms of office of the commissioners 

18 first taking office after the enactment of this Act 

19 shall expire, as designated by the President at the 

20 time of their appointment— 

21 (A) one at the end of 1 year; 

22 (B) two at the end of 3 years; and 

23 (C) two at the end of 5 years. 

24 (2) Any commissioner appointed to fill a va25 cancy occurring prior to the expiration of the term 


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1 for which the predecessor was appointed shall be ap2 pointed for the remainder of such term. 

3 SEC. 103. ORGANIZATION OF COMMISSION. 

4 (a) REQUIRED DIVISIONS.—The Commission shall 

5 establish the principal divisions and subdivisions of the 

6 Commission, including, at a minimum, the following three 

7 divisions: 

8 (1) A Markets and Trading Division with over9 sight of market conduct and utilities, the conduct of 

10 market professionals, and self-regulatory organiza11 tions with regard to such market professionals, in12 cluding related examination functions. 

13 (2) An Issuers and Financial Disclosures Divi14 sion with oversight of the issuance of securities, in15 cluding investment companies and related rules and 

16 examinations. 

17 (3) An Enforcement Division responsible for the 

18 enforcement of all rules of the Commission. 

19 (b) OTHER OFFICES.—The Commission may estab20 lish such other offices as it determines useful in the con21 duct of the Commission’s affairs. 


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1 TITLE II—TRANSFERS OF 

2 FUNCTIONS 

3 SEC. 201. COMMODITY FUTURES TRADING COMMISSION 

4 FUNCTIONS. 

5 There are transferred to the Commission all functions 

6 of the Commodity Futures Trading Commission and of 

7 any officer or component of the Commodity Futures Trad8 ing Commission. 

9 SEC. 202. SECURITIES AND EXCHANGE COMMISSION FUNC10 TIONS. 

11 There are transferred to the Commission all functions 

12 of the Securities and Exchange Commission and of any 

13 officer or component of the Securities and Exchange Com14 mission. 

15 TITLE III—ADMINISTRATIVE 

16 PROVISIONS 

17 SEC. 301. PERSONNEL PROVISIONS. 

18 (a) APPOINTMENT AND COMPENSATION.—The Com19 mission may appoint and fix the compensation of such of20 ficers and employees as may be necessary to carry out the 

21 functions of the Commission. Except as otherwise provided 

22 by law, such officers and employees shall be appointed in 

23 accordance with the civil service laws and the compensa24 tion of such employees shall be fixed in accordance with 

25 section 4802 of title 5, United States Code. The CommisVerDate Sep 11 2014 05:12 Jan 28, 2017 Jkt 069200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H594.IH H594

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1 sion shall, in accordance with such section, adjust the com2 pensation of employees so that the compensation of em3 ployees transferred from the Commodity Futures Trading 

4 Commission pursuant to subsection (b) and the compensa5 tion of employees transferred from the Securities and Ex6 change Commission under such subsection are aligned. In 

7 making such an adjustment, the Commission shall not re8 duce the compensation of any employee. 

9 (b) TRANSFER OF EMPLOYEES.— 

10 (1) IN GENERAL.—All employees of the Com11 modity Futures Trading Commission and the Securi12 ties and Exchange Commission shall be transferred 

13 to the Commission. Each employee to be transferred 

14 under this subsection shall be transferred not later 

15 than 90 days after the effective date set forth in sec16 tion 601. 

17 (2) EMPLOYEE STATUS AND FUNCTIONS.— 

18 (A) STATUS.—The transfer of employees 

19 under this section shall not affect the status of 

20 the transferred employees as employees of an 

21 agency of the United States under any provi22 sion of law. Each transferred employee shall be 

23 placed in a position at the Commission with the 

24 same status and tenure as the transferred emVerDate Sep 11 2014 05:12 Jan 28, 2017 Jkt 069200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H594.IH H594

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1 ployee held on the day before the date on which 

2 the employee was transferred. 

3 (B) FUNCTIONS.—To the extent prac4 ticable, each transferred employee shall be 

5 placed in a position at the Commission respon6 sible for the same functions and duties as the 

7 transferred employee had on the day before the 

8 date on which the employee was transferred, in 

9 accordance with the expertise and preferences 

10 of the transferred employee. 

11 (3) PERSONNEL ACTIONS LIMITED.— 

12 (A) PROTECTION.—Except as provided in 

13 subparagraph (B), each transferred employee 

14 shall not, during the 3-year period beginning on 

15 the transfer date, be involuntarily separated, or 

16 involuntarily reassigned outside his or her local17 ity pay area. 

18 (B) EXCEPTIONS.—Subparagraph (A) does 

19 not limit the right of the Commission to— 

20 (i) separate an employee for cause or 

21 for unacceptable performance; 

22 (ii) terminate an appointment to a po23 sition excepted from the competitive service 

24 because of its confidential policy-making, 


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1 policy-determining, or policy-advocating 

2 character; or 

3 (iii) reassign an employee outside such 

4 employee’s locality pay area when the 

5 Commission determines that the reassign6 ment is necessary for the efficient oper7 ation of the Commission. 

8 (4) PAY.— 

9 (A) PROTECTION.— 

10 (i) IN GENERAL.—Except as provided 

11 in clause (ii), each transferred employee 

12 shall, during the 3-year period beginning 

13 on the designated transfer date, receive 

14 pay at a rate equal to not less than the 

15 basic rate of pay (including any geographic 

16 differential) that the employee received 

17 during the pay period immediately pre18 ceding the date of transfer. 

19 (ii) LIMITATION.—Notwithstanding 

20 clause (i), if the employee was receiving a 

21 higher rate of basic pay on a temporary 

22 basis (because of a temporary assignment, 

23 temporary promotion, or other temporary 

24 action) immediately before the date of 

25 transfer, the Commission may reduce the 


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1 rate of basic pay on the date on which the 

2 rate would have been reduced but for the 

3 transfer, and the protected rate for the re4 mainder of the 3-year period shall be the 

5 reduced rate that would have applied, but 

6 for the transfer. 

7 (B) EXCEPTIONS.—Subparagraph (A) does 

8 not limit the right of the Commission to reduce 

9 the rate of basic pay of a transferred em10 ployee— 

11 (i) for cause or for unacceptable per12 formance; or 

13 (ii) with the consent of the employee. 

14 (C) PROTECTION ONLY WHILE EM15 PLOYED.—Subparagraph (A) applies to a trans16 ferred employee only while that employee re17 mains employed by the Commission. 

18 (D) PAY INCREASES PERMITTED.—Sub19 paragraph (A) does not limit the authority of 

20 the Commission to increase the pay of a trans21 ferred employee. 

22 SEC. 302. GENERAL ADMINISTRATIVE PROVISIONS. 

23 (a) GENERAL AUTHORITY.—In carrying out any 

24 function transferred by this Act, the Commission, or any 

25 officer or employee of the Commission, may exercise any 


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1 authority available by law with respect to such function 

2 to the official or agency from which such function is trans3 ferred, and the actions of the Commission, or any officer 

4 or employee of the Commission in exercising such author5 ity shall have the same force and effect as when exercised 

6 by such official or agency. 

7 (b) RULES.—The Commission may prescribe such 

8 rules and regulations as the Commission determines nec9 essary or appropriate to administer and manage the func10 tions of the Commission. 

11 (c) CONTRACTS.—The Commission may make, enter 

12 into, and perform such contracts, grants, leases, coopera13 tive agreements, or other similar transactions with Fed14 eral or other public agencies (including State and local 

15 governments) and private organizations and persons, and 

16 make such payments, by way of advance or reimburse17 ment, as the Commission may determine necessary or ap18 propriate to carry out functions of the Commission. 

19 (d) REGIONAL AND FIELD OFFICES.—The Commis20 sion may establish, alter, discontinue, or maintain such 

21 regional or other field offices as the Commission may find 

22 necessary or appropriate to perform functions of the Com23 mission. 

24 (e) RESERVE FUND.—The Commission may obligate 

25 amounts in the Reserve Fund established under section 


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1 4(i) of the Securities Exchange Act of 1934 (15 U.S.C. 

2 78d(i)), not to exceed a total of $100,000,000 in any 1 

3 fiscal year, as the Commission determines is necessary to 

4 carry out the functions of the Commission, including those 

5 transferred by title II of this Act. Any amounts in the 

6 reserve fund shall remain available until expended. Not 

7 later than 10 days after the date on which the Commission 

8 obligates amounts under this subsection, the Commission 

9 shall notify Congress of the date, amount, and purpose 

10 of the obligation. 

11 TITLE IV—FEE AND FUNDING 

12 AUTHORITY 

13 SEC. 401. FUNDING AUTHORITY OF THE COMMISSION. 

14 (a) COMMODITY FUTURES TRADING COMMISSION.— 

15 Section 12 of the Commodity Exchange Act (7 U.S.C. 16) 

16 is amended— 

17 (1) in subsection (b)(1), by striking ‘‘and as 

18 may be from time to time appropriated for by Con19 gress’’; 

20 (2) by striking subsection (d); and 

21 (3) in subsection (f)(3), by striking ‘‘Any pay22 ment or reimbursement accepted shall be considered 

23 a reimbursement to the appropriated funds of the 

24 Commission.’’ and inserting ‘‘Such payments or reVerDate Sep 11 2014 05:12 Jan 28, 2017 Jkt 069200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\H594.IH H594

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1 imbursements shall be available to the Commission 

2 without further appropriation.’’. 

3 (b) SECURITIES AND EXCHANGE COMMISSION.—Sec4 tion 31 of the Securities Exchange Act of 1934 (15 U.S.C. 

5 78ee) is amended— 

6 (1) in subsection (a)— 

7 (A) in the heading for such subsection, by 

8 striking ‘‘RECOVERY OF COSTS OF ANNUAL AP9 PROPRIATION’’ and inserting ‘‘IN GENERAL’’; 

10 and 

11 (B) by striking ‘‘recover the costs to the 

12 Government of the annual appropriation to the 

13 Commission by Congress’’ and inserting ‘‘cover 

14 the costs to the Commission for the supervision 

15 and regulation of securities markets and securi16 ties professionals, and use such fees and assess17 ments without further appropriation’’; 

18 (2) by striking subsection (i); 

19 (3) in subsection (j)— 

20 (A) by striking ‘‘regular appropriation to 

21 the Commission by Congress’’ each place such 

22 term appears and inserting ‘‘target offsetting 

23 collection amount’’; and 

24 (B) by amending paragraph (4)(A) to read 

25 as follows: 


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1 ‘‘(A) ANNUAL ADJUSTMENT.—An adjusted 

2 rate prescribed under paragraph (1) shall take 

3 effect on the first day of the fiscal year to 

4 which such rate applies.’’; and 

5 (4) by striking subsection (k). 

6 TITLE V—TRANSITIONAL, SAV7 INGS, AND CONFORMING 

8 PROVISIONS 

9 SEC. 501. SAVINGS PROVISIONS. 

10 (a) CONTINUITY OF LEGAL INSTRUMENTS.—All or11 ders, determinations, rules, regulations, permits, grants, 

12 contracts, certificates, licenses, and privileges— 

13 (1) which have been issued, made, granted, or 

14 allowed to become effective by the President, the Se15 curities and Exchange Commission, or the Com16 modity Futures Trading Commission, or any compo17 nent thereof, or by a court of competent jurisdiction, 

18 in the performance of functions which are trans19 ferred under this Act to the Commission; and 

20 (2) which are in effect at the time this Act 

21 takes effect, 

22 shall continue in effect according to their terms until 

23 modified, terminated, superseded, set aside, or revoked in 

24 accordance with the law by the President, the Commission, 


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1 or other authorized official, a court of competent jurisdic2 tion, or by operation of law. 

3 (b) CONTINUITY OF PROCEEDINGS.— 

4 (1) IN GENERAL.—The provisions of this Act 

5 shall not affect any proceedings, including notices of 

6 proposed rulemaking, or any application for any li7 cense, permit, certificate, or financial assistance 

8 pending on the effective date of this Act before ei9 ther the Securities and Exchange Commission or the 

10 Commodity Futures Trading Commission, or any 

11 component thereof, functions of which are trans12 ferred by this Act. Such proceedings and applica13 tions, to the extent that they relate to functions so 

14 transferred, shall be continued. Orders shall be 

15 issued in such proceedings, appeals shall be taken 

16 therefrom, and payments shall be made pursuant to 

17 such orders, as if this Act had not been enacted and 

18 orders issued in any such proceedings shall continue 

19 in effect until modified, terminated, superseded, or 

20 revoked by the Commission, by a court of competent 

21 jurisdiction, or by operation of law. Nothing in this 

22 subsection shall be construed to prohibit the dis23 continuance or modification of any such proceeding 

24 under the same terms and conditions and to the 

25 same extent that such proceeding could have been 


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1 discontinued or modified if this Act had not been en2 acted. 

3 (2) REGULATIONS CONCERNING TRANSFERS.— 

4 The Commission may prescribe regulations providing 

5 for the orderly transfer of proceedings continued 

6 under paragraph (1) to the Commission. 

7 (c) PENDING LITIGATION.—Except as provided in 

8 subsection (e)— 

9 (1) the provisions of this Act shall not affect 

10 suits commenced prior to the effective date of this 

11 Act; and 

12 (2) in all such suits, proceedings shall be had, 

13 appeals taken, and judgments rendered in the same 

14 manner and effect as if this Act had not been en15 acted. 

16 (d) NONABATEMENT.—No suit, action, or other pro17 ceeding commenced by or against any officer in the official 

18 capacity of such individual as an officer of the Securities 

19 and Exchange Commission or the Commodity Futures 

20 Trading Commission, or any component thereof, functions 

21 of which are transferred by this Act, shall abate by reason 

22 of the enactment of this Act. No cause of action by or 

23 against any department or agency, functions of which are 

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1 of in the official capacity of such officer shall abate by 

2 reason of the enactment of this Act. 

3 (e) SUBSTITUTION OF PARTIES.—If, before the date 

4 on which this Act takes effect, the Securities and Ex5 change Commission or the Commodity Futures Trading 

6 Commission, or any component thereof, or officer thereof 

7 in the official capacity of such officer, is a party to a suit, 

8 and under this Act any function of such department, agen9 cy, or officer is transferred to the Commission or any 

10 other official of the Commission, then such suit shall be 

11 continued with the Commission or other appropriate offi12 cial of the Commission substituted or added as a party. 

13 (f) JUDICIAL REVIEW AS REQUIRED BY EXISTING

14 LAW.—Orders and actions of the Commission in the exer15 cise of functions transferred under this Act shall be sub16 ject to judicial review to the same extent and in the same 

17 manner as if such orders and actions had been by the 

18 agency or office, or part thereof, exercising such functions 

19 immediately preceding their transfer. Any statutory re20 quirements relating to notice, hearings, action upon the 

21 record, or administrative review that apply to any function 

22 transferred by this Act shall apply to the exercise of such 

23 function by the Commission. 


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1 SEC. 502. REFERENCE. 

2 Any reference in any other Federal law to the Securi3 ties and Exchange Commission or the Commodity Futures 

4 Trading Commission shall be deemed a reference to the 

5 Securities and Derivatives Commission established by this 

6 Act. 

7 SEC. 503. AMENDMENTS. 

8 (a) EXECUTIVE SCHEDULE SALARIES.— 

9 (1) CHAIRPERSON.—Section 5314 of title 5, 

10 United States Code, is amended— 

11 (A) by striking ‘‘Chairman, Securities and 

12 Exchange Commission.’’ and inserting ‘‘Chair13 person, Securities and Derivatives Commis14 sion.’’; and 

15 (B) by striking ‘‘Chairman, Commodity 

16 Futures Trading Commission.’’. 

17 (2) MEMBERS.—Section 5315 of title 5, United 

18 States Code, is amended— 

19 (A) by striking ‘‘Members, Securities and 

20 Exchange Commission’’ and inserting ‘‘Mem21 bers, Securities and Derivatives Commission’’; 

22 and 

23 (B) by striking ‘‘Members, Commodity Fu24 tures Trading Commission.’’. 

25 (b) CONFORMING AMENDMENTS.— 


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1 (1) SECURITIES EXCHANGE ACT.—Section 4(a) 

2 of the Securities Exchange Act of 1934 (15 U.S.C. 

3 78d(a)) is amended— 

4 (A) by striking ‘‘There is hereby estab5 lished a Securities and Exchange Commission 

6 (hereinafter referred to as the ‘Commission’) to 

7 be composed of five commissioners to be ap8 pointed by the President by and with the advice 

9 and consent of the Senate. Not more than three 

10 of such commissioners shall be members of the 

11 same political party, and in making appoint12 ments members of different political parties 

13 shall be appointed alternately as nearly as may 

14 be practicable.’’; and 

15 (B) by striking ‘‘Each commissioner shall 

16 hold office for a term of five years and until his 

17 successor is appointed and has qualified, except 

18 that he shall not so continue to serve beyond 

19 the expiration of the next session of Congress 

20 subsequent to the expiration of said fixed term 

21 of office, and except (1) any commissioner ap22 pointed to fill a vacancy occurring prior to the 

23 expiration of the term for which his predecessor 

24 was appointed shall be appointed for the re25 mainder of such term, and (2) the terms of ofVerDate Sep 11 2014 05:12 Jan 28, 2017 Jkt 069200 PO 00000 Frm 00019 Fmt 6652 Sfmt 6201 E:\BILLS\H594.IH H594

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1 fice of the commissioners first taking office 

2 after the enactment of this title shall expire as 

3 designated by the President at the time of nom4 ination, one at the end of one year, one at the 

5 end of two years, one at the end of three years, 

6 one at the end of four years, and one at the end 

7 of five years, after the date of the enactment of 

8 this title.’’. 

9 (2) COMMODITY EXCHANGE ACT.—Section 2(a) 

10 of the Commodity Exchange Act (7 U.S.C. 2a) is 

11 amended by striking paragraphs (2), (3), and (4). 

12 (3) DODD-FRANK.—Section 111(b)(1) of the 

13 Dodd-Frank Wall Street Reform and Consumer Pro14 tection Act (12 U.S.C. 5321(b)(1)) is amended— 

15 (A) by amending subparagraph (E) to read 

16 as follows: 

17 ‘‘(E) the Chairperson of the Securities and 

18 Derivatives Commission;’’; 

19 (B) by striking subparagraph (G); and 

20 (C) by redesignating subparagraphs (H), 

21 (I), and (J) as subparagraphs (G), (H), and 

22 (I), respectively. 


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1 TITLE VI—EFFECTIVE DATE 

2 SEC. 601. EFFECTIVE DATE. 

3 The provisions of this Act shall take effect 1 year 

4 after the date of enactment of this Act, except that the 

5 President may nominate and the Senate confirm commis6 sioners prior to such date. 

Æ 


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